Using awk:
echo "$str1"|awk '{print $1, $2 " " $3, $4}' OFS='\t'
Name: Robert Jhonson 21
Name: Flex Maxed 23
EDIT: Based on edited question:
echo "$str1"|awk '{print $1, $2 " " $3, $4}' OFS='\t' | column -ts$'\t'
Name: Robert Jhonson 21
Name: Flex Maxed 23
Name: Thisisaverylongname andlongsurname 44